The Financial Accountability and Corporate Transparency (FACT) Coalition submitted detailed comments yesterday in response to the Treasury Department’s call for public input on a draft rule to implement the Corporate Transparency Act (CTA)
Congress should approve a budget that meets the administration’s request to increase FinCEN’s resources to $191 million to enable the agency to minimize the U.S. role in global corruption, both by modernizing the U.S. anti-money laundering framework and by implementing the landmark Corporate Transparency Act
PBS Frontline quotes FACT’s Executive Director, Ian Gary, and Government Affairs Director, Erica Hanichak
FACT’s Erica Hanichak is quoted in the Associated Press: “It is imperative that Congress fill its oversight and appropriations role to aid the administration in denying financial safe haven, not only to tax evaders, but also to drug traffickers, human rights abusers, kleptocrats, terror financiers and sanctions dodgers.”
The $11 trillion U.S. private investment industry represents a gaping hole in the U.S. anti-money laundering framework and makes the U.S. an attractive destination for illicit financial flows, according to a joint report released today by the Financial Accountability and Corporate Transparency (FACT) Coalition, Global Financial Integrity, and the Transparency International U.S. Office.
FACT’s latest report – “Private Investments, Public Harm: How the Opacity of the Massive U.S. Private Investment Industry Fuels Corruption and Threatens National Security” – reveals a gaping hole in the U.S. anti-money laundering framework that undermines U.S. national security, jeopardizes the world’s democracies, and touches the lives of ordinary Americans.
